BETHESDA (dpa-AFX) - Lockheed Martin Corporation (LMT), the aerospace and defense major, Tuesday announced that it has signed a memorandum of understanding or MoU with German mobility and security technologies company, Rheinmetall AG (RHM.DE) to produce munitions locally in Europe.
This establishes a joint venture to create the first European center for the manufacturing, integration and distribution of ATACMS across NATO and allied European forces.
The Army Tactical Missile System or ATACMS is a short range supersonic tactical ballistic missile manufactured by Lockheed Martin.
Rheinmetall's Unterluess facility is where the production of rocket motors and guided missile components is scheduled to begin as early as 2027.
By co-producing the missile on European soil, the partnership aims at supporting local capability, increasing allied deterrence and contributing o economies on both sides of the Atlantic and Lockheed Martin will continue operating its current production line in Camden, Arkansas until transition is complete.
Currently, LMT shares are trading at $541.29, up 0.61% on the New York Stock Exchange and RHM.DE shares are trading at €1,121.80, down 0.74% on the Xetra Stock Exchange
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